https://www.taxtmi.com/caselaws?id=375643 The Tribunal dismissed all three appeals by the Revenue, upholding the CIT(A)'s decision that only the profit component, not the entire turnover, should be considered as undisclosed income. The Tribunal emphasized the importance of distinguishing between turnover and income, especially in unorganized business sectors, and affirmed the significance of assessing profit margin in determining taxable income. The penalty under sec. 271(1)(c) was also dismissed as it was based on the turnover component, which was not upheld as undisclosed income. en-us Wed, 20 Feb 2019 00:00:00 +0530 Fri, 22 Feb 2019 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375643 The Tribunal dismissed all three appeals by the Revenue, upholding the CIT(A)'s decision that only the profit component, not the entire turnover, should be considered as undisclosed income. The Tribunal emphasized the importance of distinguishing between turnover and income, especially in unorganized business sectors, and affirmed the significance of assessing profit margin in determining taxable income. The penalty under sec. 271(1)(c) was also dismissed as it was based on the turnover component, which was not upheld as undisclosed income. Case-Laws Income Tax Wed, 20 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375643